Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.</li>
<li>We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.</li>
<li>We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.
We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.
We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.


<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.</li>
<li>We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.</li>
<li>We highlight flows for stocks including Wuliangye, China Merchants Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 28th.
We estimate the weekly inflows to be US$835.0 million, led by financials, consumer staples, information technology sectors, and offset by health care, communication services, materials.
We highlight flows for stocks including Wuliangye, China Merchants Bank.


Northbound Flows (Mar 28th): Wuliangye, CMB

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 5.4bn of A-shares on decent volume after buying RMB 25bn net the two weeks before.</li>
<li>The volume is still chasing momentum, and dip buying on the buys. Selling dips on losers. CATL the big buy, and less passive-feeling than last week.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 5.4bn of A-shares on decent volume after buying RMB 25bn net the two weeks before.
The volume is still chasing momentum, and dip buying on the buys. Selling dips on losers. CATL the big buy, and less passive-feeling than last week.


Mainland Connect NORTHBOUND Flows (To 28 Mar 2024): NB Turns Net Buyer Again, Flows Go Idiosyncratic

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.</li>
<li>We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.</li>
<li>We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.
We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.
We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.


Northbound Flows (Mar 22nd): CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Xunfei Healthcare Technology / Equity Capital Markets

<ul>
<li>In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. </li>
<li>The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.</li>
<li>We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.</li>
</ul>


In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. 
The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.
We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.


Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

China

IFLYTEK Co., Ltd. specializes in speech intelligence and artificial intelligence technology.  The company also develops chip product, voice messaging software and e-government system integration software.

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IFlytek Co Ltd A (002230 CH)

Northbound Flows (Apr 3rd): CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Moutai. Not e that connect scheme was closed...

Ke Yan, CFA, FRM

Northbound Flows (Mar 28th): Wuliangye, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Wuliangye, China Merchants Bank.

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 28 Mar 2024): NB Turns Net Buyer Again, Flows Go Idiosyncratic

Mainland NORTHBOUND Connect saw net buying, rebounding from last week's net sell. Foreigners are buying the dip again. Flows are becoming more...

Travis Lundy

Northbound Flows (Mar 22nd): CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai,...

Ke Yan, CFA, FRM

Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

The willingness to purchase healthcare AI products/services is not strong enough. The real turning point for commercialization of healthcare AI...

Xinyao (Criss) Wang

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52-week Range

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